My Q2 Market Report is hot off the press! The second quarter in Santa Clara County was a wild one. There were multiple offers on most properties, with only one of our local school districts having a sale price to list price ratio below 100%. Most of the winning offers had few contingencies, and many had large cash deposits behind them or were all cash offers. This frenetic pace of buying drove prices up considerably in some markets, and may have priced many buyers out of markets they hoped to purchase in. Below are some of the highlights from the report that illustrate these trends: • As expected, single family home prices in the highest rated school districts witnessed some of the largest sale price to list price ratios. Cupertino Union, Moreland, Mountain View-Whisman, Palo Alto Unified, and Sunnyvale school districts all had single family home sale price to list price ratios over 110%! • The Palo Alto, Los Altos, and Saratoga median prices for single family homes started to level off slightly. The median price for Palo Alto was actually negative from the previous quarter, but the price per square foot was slightly up indicating a potential stabilization of these higher priced markets near the $2.5 million median price. Off-market transactions in both of these districts also have a tendency to skew some of the data. • The overall median prices for single family homes, condos, and townhomes in the county were up about 8-10% from Q1 to Q2 2014. Except for some specific markets, condo prices on average lagged SFH appreciation rates for the second quarter. We expect that might change during the second half of the year, as SFH prices have stretched above the affordability levels for many, and buyers will be looking more seriously at condos and townhomes that meet their budgets.
Posted on: Tue, 29 Jul 2014 16:21:45 +0000
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